Goldman Sachs recommends shorting U.S. stocks
NEW YORK (Reuters) - Goldman Sachs recommended shorting the S&P 500 index with a target level of 1,285 on Thursday, saying the latest U.S. data suggests that weakness in the economy has extended into June.
"This morning, the Philly Fed print of -16.6, down sequentially and worse than expected, provides further evidence that weakness has extended into June," Goldman said in a note to clients. "We now think, with incremental U.S. monetary policy on hold, the market will need to confront a deteriorating growth picture near term.
The Philadelphia Federal Reserve Bank reported that factory activity in the U.S. mid-Atlantic region contracted for a second straight month in June, with its business activity index at a reading of minus 16.6.
The S&P 500 was trading down 1.6 percent at 1,333.70 in afternoon trading.
(Reporting By Edward Krudy)
- Tweet this
- Share this
- Digg this
- Leaders of Taiwan, China offer condolences for 48 dead in plane crash
- UPDATE 3-Seven arrested internationally in $1.6 million StubHub fraud
- UPDATE 2-Concordia finally heads for scrapyard after massive salvage operation
- TransAsia Airways stocks plunge after plane crashes in landing
- UPDATE 3-Ex-Jefferies trader gets 2 years in prison in fraud case
India is set to offer Nepal a landmark pact to help develop its huge hydro-electric power potential as the South Asian giant takes another step to re-assert influence among smaller neighbours where China has been forging closer ties. Full Article
Jet Airways chairman says looking to restructure debts, talking to bankers Full Article
Honda's India unit to account for 25 pct of Asia Pacific sales by March 2017 - exec Full Article